Last week, Uber and Uber Eats dropped some juicy numbers on their “Investor presentation”. And let me tell you, Uber is not just about getting from A to B anymore; with “Grocery & Retail” segment, they're bringing the supermarket to your doorstep and feeding the ecommerce future.
Since 2018, Uber's delivery segment has exploded 8x from $8B to a whopping $64B, snatching almost 50% of the Uber Gross Booking pie. Post-pandemic, this segment has been the fuel behind Uber’s rocket
Grocery & Retail (formerly New Verticals) is a major part of the Uber business and includes categories such as convenience and alcohol. Grocery & Retail brought $7B of annualized Gross Bookings in Q4 (or 10% of Delivery Gross Bookings). That's a 40% YoY growth, making up 20% of Delivery's overall YoY expansion.
Everything starts with the power of platform. 33% of Uber users are now juggling multiple Uber products. Those who dare to use many uber products spend 3x more than single product users.
Uber is particularly pleased with its ad business, which now has a revenue run rate of $900 million! On top of that Uber reported that total spend on ads and merchant offers now reached 5% on average and those Ads are bringing 8x return!
The obligatory AI initiatives are also carried out by Uber. “GenAI for Productivity” , “GenAI for Automation” and “GenAI for Magical UX” are the three major fields of innovation at the moment for almost all platforms. Especially in the case of Magical UX, let’s hope it will be more than just usual chat.
❓ Would you order MacBook from Uber Eats?
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